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You have to mentioned that you salary is in which currency. As a general rule to work out the high end of what you can afford you should multiply your annual income by 3.5. In your case this means you should be able to afford a home of value $490,000. It is best for you to save 20% of the mortgage as a down payment otherwise you will need to take out insurance at the banks request. Since you are only making a $10,000 down payment you will definitely be required to get this insurance since this is only a 4% down payment. I. you need to save $48000 or $39000 more. With this down payment you will still need to borrow $206000. your monthly mortgage payment is going to be $1168. Making $70,000 means you are making about $5833 a month.

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This depends if you generate a total of 60000 annually then it is obvious that the calculated monthly salary is 5000 and the mortgage company do actually have a system of conducting such and the y may try to add on to your salary to see if it can generally it generally amount to approximately 28% of your gross salary making them actually decide what kind of mortgage package you actually qualify for .this simply means while they are looking into your other expenses like ,transport,clothing, entertainment and the rest theses are the facts that your mortgage may fall on of which the mortgage companies are able to find a credible means to have you pick their offer that you see you can manage to pay .

Typically if you want to calculate what is within your affordable range, you should multiply your annual earning by 3.5%. For you, you should be able to afford upto an estimated $500k. You are also required to have atleast a fifth of the mortgage to place as down-payment which translates to $10,000 down payment in your case. On top of this you will be required to take a 4% insurance on the total amount hence to get a 30 year mortgage of 800000 you would require to earn a salery of $70000.

The mortgage industry standard for calculating how much house you can safely afford is to multiple your yearly salary by a factor of 3.5. In your case we would divide 250,000 by 3.5 to get the salary you should be earning to buy this home which works out to $71,500. So in order to buy a house of $250,000 you need a salary north of $70,000. Hope that helps.

It will depend on the terms which is you choose,what interest rate,and which area you living also.how ever if we think 84,000 salary if you got a year,your interest 5% and your term would 30years then you can get mortgage around 36,500 easy.but your other expenses also depend on also the rules and regulations of the bank will be depend for this amount.

No not really. Good luck on getting that kind of loan with that low of a salary...
You can *try* to lease, but even that`s pushing it.
Relax, there`s plenty of good cars at half that price. Trust me, I`ve driven them all.

This is to inform the general public that we are currently giving out loan at a low interest rate of 2%. if interested in applying for a loan, For more details contact us now via EMAIL : credithome @ blumail.org

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